The global formic acid market size was accounted for about $xxxx thousand in historical year and is anticipated to reach to $xxxxx thousand by the end of forecast period, rising at a noticeable CAGR of xx%. The formic acid market growth is majorly driven due to the increasing demand for food preservatives as well as feed additives. Moreover, rising meat consumption because of the improved standards of living is also fueling the demand for formic acid in animal feeds & silage preservatives. On the other hand, high cost and higher toxicity in high grade product may challenge the growth of the market. Besides, there are lot of low cost alternatives such as urea sulfate can also hamper market’s growth. In addition, unfavorable weather conditions may impact silage preservative as well as animal feed additives market demand negatively.

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The global formic acid market has been segmented by different application or end-user and geography. Further, end-user segment of the market is sub-divided into leather, rubber, agriculture, chemicals, pharmaceutical and others. Since past few years agriculture segment held noteworthy formic acid market share, followed by rubber and leather segments respectively. Moreover, growth in the consumption of the product as an antibacterial agent for animal feed as well as use as silage preservative in agriculture sector are likely to augment the fuel the formic acid market in upcoming years.

Geographical segmentation of the global formic acid market is segregated to several key region including Europe, North America, Asia Pacific, Middle East & Africa and Latin America. The market has been dominated by Asia Pacific region since past few years, as the key producer as well as consumer of formic acid across the globe is China. In addition, rubber and textile industries are two prominent consumers of formic acid in the region. Furthermore, other major reason positively impacting the growth of Asia-Pacific market is economic development and ease in availability of raw materials. Besides regulatory standards of the region are also negligible.

Asia-Pacific region is followed by North America and Europe respectively. On the other hand, Latin America and Middle East & Africa accounted for lowest formic acid market share but, demand for the product in these regions is expected to grow at a significant CAGR of xx% over the forecast period. Additionally, Leather as well as tanning applications account for major s formic acid market share in Middle East & Africa.

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